"It is dangerous to be right when the governement is wrong." – Voltaire

Warning about buying gold and silver!

The following are posts off the infowars.com message boards. This did not happen to me. I am only posting this so that you are more informed and cautious when purchasing precious metals from ANYONE, not just midas resources.

Post #1

Warning: Midas Resources Scam Says:
October 13th, 2009 at 11:18 pm

I trusted these folks because of owner Ted Anderson’s radio spots on the Alex Jones Radio program (out of Austin TX). Anderson’s pitch that they buy when the market’s low and sell when the market’s high at only a little above their buy price was convincing. The average AJ listener doesn’t have any knowledge of the coin market trusting Mr. Anderson not to rip them off.

Unfortunately I learned the hard way Midas Resources does rip people off with very high mark ups on their common gold coins. In January of 2009 I bought thousands of dollars of $5 liberty gold coins at $400 and $429 a piece. With the rising price of gold I thought when I called Midas to sell off a few for some quick cash I’d be offered near the same price. Unfortunately I learned the coins were only worth a little more than half of what I paid at $236. This was just 10 months later after gold rose significantly so my losses were even greater in reality.

If you think maybe this is an anomaly having to with gold, think again. For their half dollar silver Walkers they advertised them at practically wholesale prices on the Alex Jones Show. In January of 2009 I bought a bag of 200 Walkers for $1,700. Ten months later the bag is worth $975. As you can see, Midas commonly marks up their precious metals to around 35-40% while claiming in radio ad spots they sell at nearly wholesale levels. They are con artists who will say anything.

I spoke with a local coin dealer who says its common for people to be scammed by radio advertisers this way. He said these companies may indeed have large overhead to justify their mark-up but obviously you can find much better deals in the marketplace then buying coins from Midas Resources.

I lost about $9,000 but have addressed the situation with another coin dealer who is helping me to recover the loss. Most coin dealers only market up 5% as their commission. Midas marked up around 40% and that’s a crying shame scam in my book.

The Midas rep Ed Stately is a smooth talking good guy character but won’t hesitate to misrepresent facts to get the sale. I detected considerable deception from this salesman. I spent considerable amount of time on the phone and he knew all along I was getting royally screwed with the sale.

Don’t trust these guys, their mark-up is way, way too high and the fact Ted Anderson tries to make it seem like he’s doing Alex Jones listeners a favor selling his coins at nearly wholesale price, is a joke to say the least. They’re lying to people. Check out the real market value of coins prior to purchase, don’t trust these kind of large operations that feed off of people’s ignorance of their market.

Post #2

Warning, warning, warning! Midas Resources, Inc., is a precious metals coin dealer that promotes itself heavily on the Alex Jones Show and on PrisonPlanet.com to the average mojo. Genesis Communications Network (GCN) is the spine for Jones’ radio program and is owned by Ted Anderson, who happens to also be the President of Midas. He goes on the Alex Jones Show frequently promoting his gold and silver coins while hyping up the dollar’s decline.

Dr. Laura Schlessinger (Dr. Laura) is also now on the Midas site promoting it as a company you can trust. I wasn’t aware of any strong trust people place in Dr. Schlessinger for her wisdom about precious metals being appropriate for the site.

Ted Anderson of Midas often talks to Jones’ audience as if he’s doing charity work in offering them great deals on gold and silver non-bullion coins. He often claims he’s hardly making any money on his sales of precious metals passing along great deals to Alex Jone’s listeners (I rarely listen to Mr. Jones any more, he’s too much of a downer and way too cynical).

I invested quite a bit in precious metals predicting the economy would collapse soon. Though I believe this is still forthcoming, I recently wanted to trade in on some of my metals for cash to learn Midas devalued my $5 liberty gold coins to half their value since January, 2009 when I purchased them. That’s right, I was offered $233 per coin as opposed to $409 I had paid 8 months ago. Midas Resources gets away with this highway robbery due to a disclaimer at the bottom of their site that reads:

“While collecting coins can be fun, exciting and rewarding, certain risks are inherent to the market. Among these, exist the risk of devaluation. The coin market is relatively thin and subject to market pressures. Buy/Sell spreads and storage cost may also erode a coin’s investment performance. While it is Midas’ policy to assist the client by providing a liquid market, we cannot guarantee this market.

Midas Resources has taken every precaution to provide the most accurate information possible. However it is provided without warranty or claim of reliability. It is accepted by the site visitor on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. The information and data were obtained from sources believed to be reliable, but we do not guarantee its accuracy. It is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided.”

Gold went up in value per ounce since January, but apparently that doesn’t affect the value:

There are two types of gold coins, numismatic and bullion. The chief difference between numismatic coins and bullion coins lies in how they are valued. Unlike a bullion coin, which derives its value from it’s gold content, the value of a numismatic coin is determined by a combination of variables including age, rarity and its condition.

Numismatic coins, such as pre-1933 United States gold coins, are highly sought after by astute collectors and investors for their beauty, historical value and investment potential.

Obviously, I have no recourse. I already spoke with an attorney who called it a scam. Am I upset I got ripped off in the short term stuck with dirty old silver dollars and gold coins half the value I paid for? A little. I’m not that upset though because the dollar will eventually collapse. It’s a minor inconvenience I can’t convert the metals into cash based on what I paid for it.

I certainly won’t be trading my metals in for a while, nor will I be doing any more business with Midas. Especially since their Midas broker, Ed Stately, essentially misrepresented to me their buy back policy wouldn’t seriously depreciate my coins. Stately led me to believe they’d buy them back even if it was for more than they sold them to me for. They most likely never offer more than what you pay for them unless it’s 3-5 years down the line. If you try to sell your coins back to Midas within a year they will shaft you big time for half their value!

Mr. Stately was playing all kinds of mind games with me as well with his phone tag lies. Con’s learn how to perfect their manipulation game. He’d come back with all kinds of lame excuses why he couldn’t get a hold of me though I left multiple messages on several different occasions I needed to speak with him. I wonder what his commission was on my sale.

Also, you order your coins and it takes 6 weeks to get them. I find that unacceptable. You wire over the cash into their bank account and should get your coins within a reasonable time frame. Six weeks isn’t a reasonable time frame.

86 Responses to “Warning about buying gold and silver!”

Midas has a 35-40% mark up?
try almost a 200% mark up on those silver liberty “walkers” Anderson is hawking for $11 today 12/4/09 that I would guess he paid $4 each for
its incomprehensible and disgusting that Anderson masquerades as a “patriot” and “just wants to get people involved in gold and silver” and “isn’t all that interested in making money” and is giving you “insane” deals[according to Alex “I’m the greatest” Jones]
of all the rip off artists in the gold and silver biz, I’d rank Midas near or at the very top in the biggest rip offs in the precious metal business category..if you want to buy silver or gold[which i highly recommend you do]
deal with Republic Trading Group and Robby Noel
or ebay
or Mint Products.com

We just successfully represented an 80-year-old man who wired money into a coin broker’s account and never received ANY coins after over nine months. Not only were we successful in getting the gentleman’s money returned, but also received attorney’s fees from the broker. If you believe you have been wronged by any gold or silver broker, I would be glad to consult with anyone who has had problems, including not receiving coins of the quality they were led to believe were being purchased.

not sure if you can help — I purchased silver dollars from Midas 2 years ago. Has statute of limitations expired? I’m very unhappy with the bag of 200 dirty silver dollars, never thought I’d get that crap, as I also got some incredible gold Philharmonics and Liberties which have greatly appreciated in value these past 2 years. Let me know if I have a “case”? Thanks!

I’d like to discuss my complaint with you by email. Can you do a free consultation? Midas gave me a buy back quote on 6/17/2011; I mailed the coins, insured them for $68.00 (4,900. worh of coins); then a rep calls me to say they “just” changed their liquidity policy, but he’d keep me posted and I could change me mind if I wanted; there would be no guarantees on when I’d get my check. Isn’t this just outright fraud, theft and misrepresentation? I’m going to recod the next call I make to them.

I, too, trusted the charitable sounding Ted Anderson (owner of Midas Resources, Inc.), and still don’t think that he, himself, ever spoke deceitfulIy. That is ALEX JONES’ job. Just like how he bullhorns everything and trumpets it up to more than is really there, HE FKN LIED TO ME !!! He stated he had “looked high and low and Midas has the best prices anywhere!” THAT IS AN ABSOLUTE LIE! Almost everyone else has a lower markup than Midas.

I got taken for about 8 1/2% markup on gold and about 29% on generic silver rounds. I accept my pain for not comparing prices first. Everything arrived yesterday … within 4 weeks. My gold Maple Leafs and silver Lakota rounds were in excellent condition, but my 120 generic silver rounds (although packaged in sealed tubes also) was a motley assortment of undesirable rounds, most in generally terrible condition–despite the fact I (ignorantly) paid even a steep premium for silver rounds in excellent condition.

My first opportunity to complain is tomorrow. I want a refund on (only) that portion of my order because of their failure to deliver the product I purchased. I may be pissin’ in the wind; however I will not hesitate to file a small claims suit as well as register my complaint with the BBB. (They are rated A- incidentally, with only 4 complaints shown in the last 36 months.)

I had procrastinated about looking into the gold & silver bullion market until the last minute. From commercials ad nauseum, I was acquainted with Lear Capital (who do show decent prices on their site) and Midas. It’s my bad fortune my first call was to Midas Resources to ask some questions. I actually received little or no pressure to buy on that call–he didn’t even get more than my name. My salesman was a nice guy, who put me at ease. I felt comfortable with the way I was treated; and, combined with the fact that Alex Jones vouched for them, I just went ahead and placed an order on my third call–without comparison shopping. I don’t begrudge the sales commission of 3-4%, but that’s on top of Ted’s 5%.

This is clearly my own fault for being unaware that market competition between sellers keeps a fair gold markup to no more than 5%. Around only 3% for $10k-$25k minimum orders at Tulving–with free overnight shipping.

Spoke to my salesman about the below-par silver rounds I received (for 29% above-spot markup) of which, 80% had at least toning on the edges or staining on the faces. [This was only a small part of my $36k order.] He talked to Ted, called me back, and agreed to exchange as many as I’m unhappy with for shiny newer rounds. Even though we’re splitting the shipping ($15 more cost to me) I think this as good of a resolution as I could have expected. I give them credit at least for that fairness; but, they do still charge way too high of a mark-up on their products.

I have no problem trusting my salesman, Alex Jones is the one who lied to me to set me up as a sucker.

I should confirm that my concern with Midas Resources was resolved satisfactorily by my broker [JP]. I believe he showed me good integrity of character, whereas most anyone else would likely hide behind the caveat, ‘All Bullion Sales Are Final’. After waiting an additional 4 weeks, I did receive in exchange, 80) brand new 2009 Academy Mint silver rounds (which are fairly nice for a private minting). If only the price could be right, I’ll gladly do more business with him.

I have also remedied my distaste for such high markup. Concentrating on silver bullion now, I am very happy to be doing business with Andrew Pavlakos and his father, Jim, at http://www.goldenstatemint.com/index.htm. They specialize in converting silver bullion bars into silver rounds, and offer very low-premium silver rounds to the public with immediate shipping.

I particularly like the flat imprint striking of their Incuse Indian silver round–even better than the standard Buffalo Round. These are nice, but naturally these high-speed productions are not in the same perfect class as ASE, Maple Leaf, Philharmonic, or Lakota rounds, aesthetically.

Hello there Lloyd Mongo! Thanks for taking time out to read and post some comments on my blog! I’m glad to hear your experience with Midas wasn’t all bad and that they agreed to exchanged the poor condition coins for better condition ones. Though the 29% mark up on the silver rounds doesn’t sound all that great, the 8.5% on the gold doesn’t seem like too bad of a mark up. I could be wrong though. I’m not an expert on gold/silver dealing. But at least with the way the prices of both gold and silver are going up these days you’ll eventually make a profit on all of it when/if you ever go to sell them.

The problem with Alex Jones is that since one of his major sponsors and the owner of the radio station he broadcasts on is Ted Anderson/Midas Resources, he has to promote them and say only the best things about them otherwise no more show for Alex. You can’t bite the hand that feeds you and still expect to eat from it. Sadly all radio shows are like that even patriot radio shows. In a time when the truth is more important than anything else they are all still compromised by their sponsors and have restrictions on what they can and cant say. Just another sad fact of life I guess

Hi, Scat; and thanks for your forum for this subject. I agree with your observations, and about the long-term precious metals bull market overall; albeit, now having dropped $2.50/oz., Silver will have a little bit of a climb to rally back toward trend lines. (I’ll buy ALL I CAN, now at ~$16.50+premium.)

It’s obvious that the business purpose for Ted Anderson’ Midas Resources putting Alex Jones on TA’s Genesis Communication Network has to be to reap the advertising exposure for selling gold … and that AJ is obliged to speak well of this primary beneficiary. However, I feel very strongly about my conviction that Alex knowingly LIES about ‘how good of a deal it is!’ I tried to believe I was supporting ‘the cause,” but I seriously doubt it now, after much thought. I can hardly stand to hear the damned bullhorn and his hyper-dramatization anymore–especially when he plays the idiot.)

I really appreciate reading all of this. I was considering buying some silver coins, but have many reservations since I know I know nothing about buying silver coins. I notice Republic Trading also states 4 to 6 weeks for delivery. I have not fully researched Republic Trading, and do like reputation of Roby Noel, however just that 4 to 6 week delivery is enough to ruin them for me. When they have my money in less that three days, and they supposedly are selling coins they already have in their possession, why do they make me wait so long to have possession? That looks very wrong to me.

Years ago Anderson came on a show with Dr. Stan MOnteith, (not sure if it was a GCN show). The guy promised a free booklet on biolgocal weapons and bilogical warfare just for contacting them and requesting an absolutely free paper report about coins. I called, like an idiot, and got some very high pressure sales guy who kept talking and talking and really would not let me off the phone. The guy told me they really would not consider selling less than about $1500 lot of coins. I kept saying over and over again that all I wanted was the free booklet about bioweapons and he kept dismissing that request, and of course I never received the bioweapons booklet, though I did receive a mailing about coins and several more phone calls (that I did not answer) from the sales person.

Every time I have contact one of the advertisers of products on either GCN or RBN, I regret to say that I have been confronted with high pressure hype and numerous phone calls. It even takes ages to find out what the full price of the product is and what the guarantee or return policies are.

If anyone would like to know about the dubious beginnings of GCN and RBN, you might find this interesting…

“And apparently the listeners are considered fair game. For instance, at least one GCN listener wrote to me stating that GCN (which is backed by a gold and silver brokerage and the Berkey water filter people) had offered a precious metal coin as a premium to anyone that made a specific donation to another “paytriot” broadcaster named Pastor Butch Paugh.

This listener sent in funds, but Ted Anderson (who heads Midas Resources as well as Genesis) refused to honor his own offer! There are several other incidents of this nature that indicate John Gray’s expectation that Alex Jones and GCN are actually interested in the truth is unrealistic.

Christian Media has repeatedly sought to expose the treachery at the Genesis Communications Network for several years now. They stole their original equipment from another patriot network named Republic Radio. Fraudulently claiming they had purchased the network, the management of Genesis literally backed up a U-Haul, and loaded up the broadcasting equipment while the rightful owner was out of town!

The victim of this theft was Loris Thompkins, then owner of the now defunct Republic Radio Network. Loris then formed the Heritage Network and promptly sued Genesis for their theft of her assets. In an interesting side note, although the Genesis Network was defended by a high-priced law firm, Loris was helped by certain patriot figures conversant in law as she sued Genesis on a pro-se basis representing herself.

This was because the stolen network represented her entire net worth and she was virtually penniless after being fleeced by Genesis. Ted “Goldfinger” Anderson (the key man at Genesis and gold broker Midas Resources), on the other hand, is said to be a millionaire.

In case anyone is interested, Loris Thompkins has now been proven to be the wronged party. On February 22, 2001, Genesis settled with Loris Thompkins for a significant sum of money. This is the equivalent of a tacit admission of guilt. Incidentally, a complete history of the Genesis Communications Network, including its unsavory origin through theft and deceit, is covered in the book Shortwave Wars (see the catalog at Christianmedianetwork.com). Also, Loris Thompkins periodically addresses the subject on radio as she now broadcasts on The Christian Media Network with a program called To Tell The Truth.”

“GCN stole their network equipment from a “friend” of Paugh named Loris Thompkins. When Ms Thompkins (now Mrs. Brad Metcalf, an imprisoned patriot figure) was at a crossroads with the predecessor network to GCN before the theft of the studio, Paugh personally assured Thompkins of his support. In reality, it appears he was worried he might lose his satellite feed for his radio program. Shortly thereafter, the criminals at GCN actually stole the studio equipment when Thompkins was out of town, so they could form what is called in the industry, the Genocide Network.

In spite of his vows of support for Thompkins, Butch Paugh instead chose to affiliate himself with GCN. When confronted live on the air over his embrace of the evil at the network that he helps to sustain through his association, he lied to his listeners. Paugh was asked `what about the ripoff of Loris Thompkins and her network?’ Paugh brazenly lied and stated “it’s the first I’ve heard of it.”

When Paugh was privately rebuked by James Lloyd at Christian Media (in accord with Matthew 18 admonitions) for his gross dissimulation in associating his “ministry” with Ted `Goldfinger’ Anderson (of Midas Resources and GCN), his response was to circulate that private letter of rebuke written by Lloyd to Paugh to his newsletter readership in an unscriptural attempt to distract from the central issue of the rebuke itself.

If anyone is ever interested in primarily numismatic gold and silver (pre-1933) dealt by folks who PAY to broadcast as part of their business instead of jocking their owner’s business to continue broadcasting, not to mention real economic news talk, here are some sites:

The owners of these respective operations are brothers, operating competing businesses and radio shows out of Arizona. Way to keep each other honest! Give them a listen before you give them a call, you will not be disappointed. I think they have better delivery times on anything you buy as well. Not to mention since the Discount Trading Group is picked up by a station here in Missouri, the couple that owns and operates makes a trip out here about once a year to host a picnic and raffle (prize two years ago was an ounce of gold, pre-1933, can’t beat that). IMO great people to do business with, straight shooters on values and will explain at length on air and off the nature of the business they do and what their products are. If nothing else tune in for some top-of-the line economic news. PTG is off-color at times, very humorous point of view. DTG will take the more serious line but delivers vast amounts of market info.

as PT barnum immortally proclaimed “there is a sucker born every minute and two to take em”. people don’t generally deserve what they get, but in the end they get what they deserve. this definitely applies to you two suckers. didn’t you idiots figure things out when “ted and ALex” would start pumping gold as it was rising. buy on weakness, sell on strength

36k on “precious” coins, what an Fin joke, and then to say “If only the price could be right”, I’ll gladly do more business with him. do you suffer from stockholm syndrome or what? price is all that matters! you deserve to have your head handed to you..and then you get the troll lawyers trying to come in and absolve you of your own stupidity!
None of you idiots obviously don’t understand that we are now in a deflationary collapse that the fed and PTB are fighting tooth and nail against for their very survival.–and in a deflationary collapse most commodities do very poorly contrary to what “alex” and his merry band of inflationistas say. the dollar will continue to climb in value as it is starting to do now illuminating all of you gold bugs for the frauds and idiots that you are! good luck, because you will need it

So I’m not the only one who got ripped off by Midas. I made two purchases before researching on the net. Shock! I lost at least Three thousand dollars each time just by buying from Midas! Total loss over $6,000. Shame on me. I trusted Alex Jones and made a substantial order, not once but twice, without doing research. After just a few minutes research on the net, comparing Midas prices with about three or four other companies, I realized that I had been taken big time and I contacted my salesman. He was so incredibly GREEDY that he offered to trade the gold that I purchased from him for collector coins! (He left a voice mail message) He wasn’t satisfied by ripping me off twice. He wanted to rip me off again! Like he said “he had a family to support”. By then I had gotten enough education regarding gold and saw right through him. My salesman, Ron Anderson, (Ted’s brother) was a bold face liar. He left a phone message for me, in hopes of taking back my gold purchases for collector coins, and I emailed him outraged, asking him if he thought that I had lost my mind! In his reply email he denied what he had said in his voice mail regarding the trade for collector coins. I told him I still had his phone message, and how dare he lie! The GREED is unbelievable. There is no conscious. How do these people sleep at night?

I am devastated as I have very little money and am retired. I am out of $6,000 just by making two phone calls. I trusted Alex Jones. I learned too late, DON’T TRUST ANYONE! Ted Anderson? Just the thought of his name sickens me. I am hoping that gold will go up substantially so that I can sell it just to break even. I doubt that day will ever come. It seems to me, Alex Jones works on the fear factor regarding gold, and Midas is right there waiting to bait the suckers in.

I really appreciate people sharing their gold and silver buying experiences, especially comparing Midas to Republic Trading. I also appreciate giving names of some sellers with good prices and reputation for me to check out.

WHY DO YOU BLAME MIDAS? I DON’T WORK FOR THEM, NEVER BOUGHT FROM THEM, BUT ONLY READ “THE ABC’s OF GOLD BUYING” BOOK I BOUGHT USED.
.
IF YOU CHECK THE SPOT PRICE OR EVEN EBAY YOU CAN DETERMINE THE GOING RATE AND PAY ACCORDINGLY, THEN TIME YOUR SELL ACCORDINGLY ALSO. DON’T BLAME ALEX OR TED- METALS ARE A VOLATILE MARKET AND IT SOUNDS LIKE YOU GUYS SPECULATED WITHOUT RESEARCHING, THEN TRIED TO USE MIDAS AS YOUR ONLY OUTLET TO SELL TO. YOU PROBABLY COULD HAVE TIMED YOUR SALE AND BROKE EVEN, EVEN USING EBAY…

Chriso: I admit I was ignorant and very foolishly trusted Ted Anderson. At the time, I did not how easy it was to find other gold companies to buy from and to compare prices. One purchase I made from Midas was for nine ounces of gold. Was charged $1313.00 an ounce. A couple weeks earlier, I had purchased another nine ounces and it was the same thing more or less. ( I paid a little less, but spot was less.) This was when gold spot was $1,044.00 – $1,096.00. I repeat, I was ingnorant and for that I was ripped off big time.

It is like selling your grandmother’s diamond ring, when you know nothing about diamonds, but you go to a “reputable” business and take their word, and give up the ring for a song. Yes, ignorant, but is that an excuse to ripp people off. In my opinion, it is criminal. This is like blaming the victim for the crime.

Midas Resources are slick polished liars. I have dealt with a lot of coin dealers. Most of them play fast and loose with the truth. Midas is uniquely sleazy. I bought a single 20 Franc Coin from them with a deal to receive a free subscription to Bob Chapman’s International Forecaster. In talking to the salesman he would not provide any guarantee of which 20 Franc I would receive. He did say it would be a French Franc since they were out of Swiss Francs. I was expecting a 20 Franc Rooster, Angel or Napoleon. A month later I did receive a Tunis 20 Franc (sort of French in a round about way). When I called they told me their advertising only use the words 20 Francs. Of course the salesman who sold me the coin as French is unavailable. And after 3 calls I still have not received the International Forecaster. Tunis or Ali 20 Franc coins have only Arabic writing all over them and are hard to sell. 99.9% of people including a lot of gold buyers do not recognize or want them. Even if they recognize them they say,”I don’t make a market in those”. There are a world of better coin dealers out there. Stay away from those that advertise a lot (like Midas). They always try to sell graded coins to me when I call to complain. No thanks, they are not square dealers. Try buying one coin from any coin dealer first and see what happens. If they are misrepresenting the product for a little money imagine what they will do for a lot of money. Honest dealers are looking to make a slow dime, while these guys are more interested in a fast nickel. Good Luck.

I think you story is just horrible, because while a Tunisian Franc is technically a Franc, it seems clear that their product description was dangerously close to mispresentative. Thank goodness you only bought one. This link will be VERY helpful for you, and everyone, in the future:

On this site, you’ll see the latest DEALER prices on numismatics, world coins, bullion, etc, in silver and gold. This is the price DEALERS are paying for coins. You can reasonably expect this price when you SELL, and you should be aware of this price before you offer to sell, but when you BUY, you will be subject to the premium (spread) of whatever dealer with whom you are speaking. Always call/browse/shop around. The more information you have, the better. Stay as close to the dealer price as possible, and understand this is business. Mention that you are looking at dealers on coininfo.com, and you are aware of the current buy/sell prices. Here’s another link:

Thanks for exposing yet another one of Midas’ tricks. Would you please estimate how long it has been since your purchase and your not having received your subscription to the International Forecaster. I plan on reporting this to Mr. Chapman.

I reported a similar thing to Dr. James Fetzer when he had a show on GCN. Ted Anderson told Dr. Fetzer to tell listeners they would be sent a free paper report about some aspect of investigating 9-11, Dr. Fetzer’s field of study and show topic. I warned Dr. Fetzer and he checked it out and he was told to tell the listeners that they would be sent also some advertisements regarding Midas’s coin offereings, but there would no high pressure and they would be sent the 9-11 report free just for the asking. I bet nobody every got that report, or maybe got the report and a bunch of high-pressure contacts from Midas sales people.

Do you think Bob Chapman does not know how Midas works??? Midas and Chapman apparently have a business agreement. Buy gold from Midas and they throw in a one year subscription of the Bob Chapman Report Newsletter. GREED is the bottom line. I got burned big time-NOW I TRUST NO ONE.

Thank you for getting me to think about Mr. Chapman and the aggeement he probably has with Midas. I am incredibly naive about these things but do have a good “sniffer sense” about wrongdoing and collusion.

Annerte or Herman Z., please let me know if you ever received your subscription to the International Forecaster. That is crucial infommation I must have. Annette, need to know your order date, and date you received your bonus offer if it was the I. Forecaseter or whatever, or if you never received it.

I would like to raise a little more sand about all of this, but feel I need a few more dates and facts first.

I have a pretty good idea about the garbage coins they are delivering and their time delay on delivery. But I need to know if they are not giving the bonus as promised or taking a very long time to give that.

Also need to know if some obnoxious Midas salesperson calls your home without your having asked them to do so.

What bothers me is that GCN Alex Jones show ought to make some disclosure statement like “Bob Chapman is one of our Alex Jones Productions / Infowars supporters.” or say something to let the audience know that when Mr. Chapman come on the show, one should understand that it is really more of an “infomercial” rather than a regular guest who is not peddling something.

That agreement that Mr. Chapman has with Midas/GCN seems to me, under law, ought to somehow be revealed at the beginning of every guestshot tht Mr. Chapman does on Alex Jones show, and really on every GCN show that Mr. Chapman regularly is a guest on, like Dr. Stan Monteith’s show.

I think Dr. Stan is a very honest person and he has to put up with a lot from Ted Anderson and GCN, but I am afraid, and I have tried to warn him and certain other show hosts, that the sales techniques and gimmicks and behind-the-scenes financial agreements are going to end up a lot of great shows and show hosts in legal trouble, and I would hate to see that happen.

All the good alternative news and commentary that I like to hear is beginning to look like one big controlled “politically correct” infomercial.

Just a new note to the way Ted Anderson, Alex Jones, GCNlive.com, and I guess now also Bob Chapman make money off of patriots.

In the last 5 minutes of Hour 4 of the Alex Jones Infowars GCN show of Friday, August 20, 1010, Ted Anderson came on briefly to tell about the special he is having on Frans and British Sovereigns. He said he is selling the Franc for $265 through Sunday, August 21, only and will have special operators available all weekend.

I do not know if that is a good deal or not, but it was Ted Anderson then said that rand a sour note with me.

Ted Anderson said about this special deal on the Franc for $265,

With the four year free subscription to Bob Chapman’s International Forecaster,

“that brings the price of cold down to less than $500 an ounce.”

The Forecaster subscription fee for you and I to sign up independent of this Midas / GCN offer is $159.95 per year and for 4 years that would come to $639.80.

But Ted Anderson NO WAY pays full price of $639.80 for that “free gift” that he gives to those who buy the Franc gold coin from him. Bob Chapman regularly is a guest on GCN shows Alex Jones, Radio Liberty (Dr. Stan Monteith) and probably a few other GCN shows and he gets free advertising for his talk as a guest on those shows that really are mainly infomercials for him to get new subscribers. Mr. Chapman confines himself to national issues and liberally throws in remarks “the listening audience patriots” love to hear, such as get lots of guns and defend yourself, and we will win in the revolution because we are well armed, as well as often tells us who is an Illiminati person.

I wonder if Anderson pays Mr. Chapman anything at all for those 4 year subscriptions. I believe I heard Mr. Anderson say on aid one time recently that he does indeed pay full price for those subcriptions and that he does not get a discount. Seems to me Chapman and Anderson have worked out a trade involving no money but only a “consideration” on each party’s part. Anderson gives Chapman free and freequent infomercials that are not billed as infomercials but as astute commentary and predictions on the economy that patriots can profit from, and Chapman gives the newsletter subscription for little or no money in return for that infomercial time.

I just think Mr. Anderson ought to be careful with statements that buying a gold coin from him with his special free gift is like getting gold for under $500 an ounce. NO WAY Mr. Anderson would sell his old gold coins at gold equivalency of under $500 an ounce.

Buying gold is typically considered an investment. As with all investments, it is the responsibility of the buyer to perform all due diligence when determining if they wish to invest.

I too have bought gold and silver, some from Ted and some from other vendors. The principle point here is that when I purchased my gold or silver I did an online research for the cheapest vendor. Is this hard for anyone these days? Is the idea of performing a cross check on price surprising to anyone, especially one that is about to spend several hundred dollars? Give me a break. I am surprised anyone would go around advertising themselves to have been so stupid.

No one took you; a numismatic coin is what someone will pay for it. Firstly, if you paid more than someone would typically have paid, then shame on you for being such a poor investor. Secondly, buy bullion and shop around.

People need to not confuse any message of Alex’s with Ted’s gold and silver prices. You might find soap cheaper elsewhere, or blue jeans cheaper or better made, or water filters cheaper or better made. No one is forcing you to buy any of those items either.

I quite like the infowars team, and I quite like Alex Jones, but have never purchased from Midas. No, I was disappointed with the first phone call I ever gave them years ago because of what I considered to be high premiums. I drive a hard bargain and have experience in this market, and my number-1 concern is %-over-spot. For anyone interested in learning more about gold/silver, check ou this “Crash Course” link:

If you are new to the game, it WILL save you money AND grief. The metals market is NOT for lightweights. Even if you have some experience, there are links that are helpful (for example, no one here has mentioned http://www.apmex.com yet). Hard money is hard core, understand that upfront.

I write about bad dealers on my site, The Bankster Report, and have posts about Goldline and Global Bullion Exchange. However, I have nothing posted on Midas. I have seen stories of people unhappy with Midas, and I have seen stories of people thrilled with Midas, but I have not (yet) seen outright fraud. As a free enterprise, anti-bankster type, I am against FRAUD and support anti-fraud measures, but am not necessarily against people getting ripping off legally, as I think people have the right to make mistakes. Don’t get me wrong: I really, really, really feel horrible for people who get “scammed” in precious metals (or anything else), because there is WAAAAY too much “scamming” in the industry, and, honestly, because there are predatory scams that gravely impact people’s lives. People have been ruined by gold and silver, that is certainly true, but it has mostly been, unfortunately, aided by their own ignorance. I got very upset reading the stories on this board–especially about the Tunis Franc (which, in my opinion, is TOTALLY dishonest of Midas and comes VERY close to product misrepresentation, if true as presented; they knew what he was expecting–that seems very unfair). The scams are wrong and immoral–but they are also legal. Let’s draw a distinction between illegal activity and caveat emptor. Personally, I never, never, never, never recommend metals to anyone without the clear demand that they do research. I have recieved enough horror stories over time to see the damage that gold and silver pipedreams have done to people, which is why I wrote the above “Crash Course” for all to see, hopefully before they invest a dime. Once you understand what this market it about, you’ll stop worry about personalities pitchin’ certain companies, and realize that this is BUSINESS–pure and simple. Then, if you have discretionary income, gold and silver might be an excellent choice for you. It has served me well.

Alex and Ted are at it again this week trying push those “Walkers”. Alex has claimed more than once this week that Ted has silver “at spot or below”. His basis for this claim is the deal where Ted is selling the half ounce Walking Liberty Half Dollar for under $10. So with silver at over $20 an ounce, this is a great deal right? WRONG

There are 0.36 ounces of silver in a Walking Liberty Half Dollar. Yes the coin weighs ½ ounce, but its only 0.900 fine silver.

Yes, you are 100% correct. Another way to remember this is that $1 of silver coins contains 0.715 oz silver, whether it is 10 dimes, 4 quarters, or 2 halves. Dollar pieces (Morgan or Peace) contain slightly more, at 0.77 oz/silver per $1 face value.

In other words, a Walker at $10 is 34.4% OVER spot. This is NOT a good deal. However, understand also that Walkers NEVER go for spot because of their popularity and the fact that they were not made after 1947. Common coin silver (quarters, dimes) will be much closer to spot (and sometimes under), but dollars and halves are never the cheapest form of coin silver. In order for a Walker to be worth $10 melt value, spot silver would have to be $28/oz, or almost 35% higher than today’s spot.

Very interesting. I just listened on my car radio to Ted and Alex telling about those deals. It seemed Alex would ask Ted a question and Ted would get confused and start quoting weights and prices of another coin and then Alex would get him back on right coin. It was all very confusing and I sometimes wonder if it’s not planned to be that way.

If the above post about what is really in the half ouncing walking liberty silver coin is on Infowars, then you would think they would either respond to it or erase the posting. It is dishonest flimflam sounding to hear those two hawk gold and silver.
Ted made some comment about if you factor in the cost that he pays to Bob Chapman for one year subscription to the International Forecaster with the price of the gold coin, then really you are getting the gold for __________. It sounded so dishonest to me. Chapman’s full price for that subscription is like $159 a year and Ted gives impression he is paying Bob that full price, and I think we all know he is not.

On one order I placed with Midas, Ted Anderson, Ron’s brother was my “salesman”, I paid approximatly $195.00 over spot per one ounce Gold Eagle. November 13, 2009, Gold Spot was $1,118.50 and I paid $1,313.00 each for one ounce Gold Eagles. Obviously, I knew nothing about buying gold and did no research. I believed Alex Jones and Ron Anderson. Yes,they walked me right into the slaughter house. I will not say how much I bought with two orders within two weeks. (Too embarassing) After comparing (too late, damage was done) what I had paid and what other companies were selling at, lets just say I lost approximatly $6,000.00 by just making two phone calls to Midas in a two week time frame.

I am 71 years old, living on social security, and my hard earned savings, that took years of sacrifice to save, gone in two phonde calls. These people have no conscious. For novices like myself, I think it should be lawful to explain what the price of gold spot is and exactly what percentage above that price does the company charge. I stupidly assumed companies charged the same price for gold coins/bullion. I was the perfect target, and it hurts big time.

It is always tough to hear a story like yours, a story from someone who “learned the hard way.” If it makes you feel better and you want to get out of gold today, you might be able to recover some principal. What did you buy?

While interesting to read real life horror stories, I still do not appreciate why people feel inclined to share them when they are the ones making bad choices.

This week I was watching Fox Business and saw Ted and Midas advertise on their morning business shows. This was news to me, I thought Ted was only on small radio shows. At any rate, its obvious that he markets to a wide range of people and investment savvy individuals. Is Ted going deals on all items better than every other potential competitor in this target market? Why is the Ted/Alex combo somehow in a category of its own when it comes to being a prudent shopper? Anyone here just go into a car dealership and pay full sticker price to the first place they decide to check out? Geeze people, smarten up.

My biggest problem with the way Alex and Ted market gold and silver products are the numerous claims they make of having the best prices out there. It’s false advertising and has really hurt Alex’s credibility with me. Midas prices are average and certainly not the best.

I’m so sick of hearing Alex say “Ted bought it when it was lower and now he’s selling it cheaper than everyone else”

Ted Anderson owns the GCN Network, which carries Alex Jones’ show. I think Alex feels compelled to support Ted’s precious metals business, because there might be consequences if he refused. Having said this, I won’t buy from Ted Anderson because I have always had a bad feeling about him.

Anyone trying to buy and then sell back is fooling themself. If that is the case buy gold in the stock market electronically. Look at ebay. Silver is marked up 200%. The point of owning the real deal in your hand is if the whole economy falls your gold and silver prices will go up crazy amounts.

For just one round, your best bet is going to be ebay. For larger purchases, I recommend APMEX or Bullion Direct. At the current price of silver ($26/oz), you should expect to pay around $30 for a shipped American Silver Eagle (ASE) from ebay.

Thank you, Keri. I may order about 10 or 15 of them, but I was basically wanting to see how people could participate in Max Keiser’s plan for us to bust J.P.Morgan when thousands of us go out and buy one ounce of silver and take possession.

I spoke to a Midas sales person one time and have read a little about buying silver coins and it seems everyone always makes purchases that total 2 or 3 thousand dollars at the least. The Midas guy conveyed to me that people only buy several rolls of silver coins.

I would not ever again buy anything on ebay. I joined recently and bought a few items but my credit card number was stolen and used to the tune of $500. I have had nothing like that ever happen to my credit card and I am 99 percent sure it had to do with my ebay contact.

So you are saying about a 15 percent markup would be what I should expect.

Yes, Jeannon, ASE’s are typically going for between $2.49 and about $3.20 over spot right now (premium). You use you get able to get them for under $2 over spot, but about two months ago the US Mint announced an increase in the price it was charging dealers, and so naturally dealers are passing that along to consumers. Even Tulving, who is usually the lowest priced for ASE’s because of his high minimum order, is selling ASE’s at a premium of $2.49.
If you’re just interested in poking JPM’s eye (and HSBC’s), then you certainly don’t have to get an ASE: any silver purchase hurts their position, especially if it involves delivery. You can get rounds from private mints for under $1 over spot: for example, I saw some nice ones at Golden State Mint, 100 round min (http://goldenstatemint.com/price-list.html#ordering). This rally is allowing dealers to take up premiums higher than we’ve seen before on some products, including private mint stuff. Even APMEX is selling some private mint stuff for $1.20 over, when in the past they would have been perhaps 80cents over. I tell people to get as much silver as they can for the money they are willing to spend, which means I am a big fan of US 90% silver “junk” coins and large bars (100oz) from either RCM, Johnson Matthey, Englehard, or Hereuas.
But, if you’re just getting one round to rub in JPM’s face like Mr Keiser suggests, then by all means, get yourself a nice ASE because, it is one of the most beautiful bullion coins out there! 🙂

BTW: Too bad to hear about your bad experience on eBay, because that is a cool place to find stuff: be sure to let them know that you suspect it happened via eBay, because they will do something about that. EBay takes credit card fraud seriously, because they own Paypal.

maybe you should learn how to do math before spending thousands of dollars on something you dont undersyand. numistatic value is ehat you need to leatn sbout. a coin is only worth its weight and purity in gold or silver. if you buy a rsre collector coin then you will have to find a collector to sell it. next time leatn about what your buying.

Yes, yes, yes I think these poor people have figured that out. The purpose of their posts here are to specifically warn others that “trust” is not something Midas is worthy of, despite their claims of being trustworthy. Your comments are obvious, and I don’t think that you attempting to rub peoples’ mistakes in their faces because you think you are smarter than them is the purpose of these posts.

I too figured Midas out with a single phone call, because I did my research and have a background in metals, but that is not the point. People make mistakes, and people should be lauded–not mocked–for being charitable enough to admit their mistakes and share with others the lessons they have learned. Hopefully, by their charity, these people have saved others the trouble they themselves endured. These people who are posting here, people who have been burned by a combination of Midas’ scrupulousness and their own personal lack of knowledge, are sharing their experiences so as to make clear to others that Midas will intentionally take more money from their customers than a moral dealer would: the Mercury dimes story is just a horrible example of this. A moral dealer wants his customers to have as much silver and gold as they can for the money they are willing to spend, and a moral dealer knows that he will be rewarded with return service and loyalty if he honestly cares for his customers. Needless to say, there are not a lot of moral dealers out there (especially in gold and silver), but there are some. The purpose of these posts are clearly to establish that Midas is NOT on the list of dealers whom customers can trust.

People who warn others of dangers they have encountered through their own first-hand experiences–whether by accident or by negligent on their parts–are to be thanked for their charitable concern for the welfare of others, not mocked by supercilious people like you.

On March 4, 2008 I bought 2000 Mercury Dimes ~[.07 metal content per coin when silver spot was $19.50/OZ] = ~144 ounces silver x $19.50 = $2808 total spot value of the silver content. Midas charged me $4000 for the bag of 2000 dimes! That’s ~$1192 above spot or said differently = $1192/$2808 = 42% markup – on what is essentially bullion not numismatic. This is criminal. I will expose them and never buy from them again. I trusted them because of Alex Jones and Ted Anderson’s allegedly Christian reputation. My salesman was Nick Wadena in case he’s still around. All i can say is: I’m coming after you boy. I feel like a fool only realizing this only now since I started checking around again to buy more gold and silver and thought to check up on pricing now vs what I obtained back in 2008. Considering values have gone up since I purchased – silver up 52% in 1 year alone, I figured that I would see a good “pop” in the value of what I had. (I also bought other things besides the dimes). Well clearly I’m at about only break even now rather than 35-55% ahead as I thought I should have been all because of the despicable markups Midas tacks on to their coins. Sure when the shit hits the fan these coins will probably go through the roof, but it seems criminal to be charged so much and to have to depend on a catastrophe before getting a return on the investment. Midas seems to sell you on the fear of loss of value then charges you a price based on what the value will be 2 or 3 years into the future (i.e. Midas benefits from the fear mongering alleged appreciation on the coin given the “hard times a’gonna come mantra” well before you ever do by charging you that appreciation into their pockets up front. Then you have to wait several years before you see that appreciation just to break even). That’s insane. I will never use them again. This is also sad because I trusted ted and Alex yet prove themselves to be deceitful and hypocritical.

Another horrible story–I’m very sorry to hear it. Midas is not a dealer that anyone should trust, unfortunately: I am as big a fan of infowars anyone, but Midas is shifty, shifty, shifty. I recommend APMEX to people–I never recommend Midas.

For future reference, always remember that 90% US silver coins are calculated at 0.715 oz per $1 face value–that’s the easiest way to quickly calculate value. In other words, if you are buying 2000 dimes, then that is $200 face value. Multiply this by 0.715 to see the silver content: in this case, 143 oz. Multiple this by spot, as you really should not be paying much more than spot for junk silver. You purchased Mercury dimes, which have a slightly higher value than Roosevelt dimes, but they are really not really worth the difference. For what you purchased, a reasonable price would be, like you said, about $2800. However, since you do have Mercury dimes, you will be able to get a little more if you sell them in small increments (say $10 face value at a time) on ebay or something. You should be able to get about 13%-15% over spot for your Mercury dimes, which unfortunately means that you have not yet broken even. I would just hold on to them if you don’t need the money right now. Again, on behalf of silver enthusiasts, I am sorry for your horrible experience.

This site seems to recieve a large ammount of visitors. How do you get traffic to it? It offers a nice individual spin on things. I guess having something useful or substantial to post about is the most important factor.

I really appreciate this topic and this site. People name names and give their personal experiences, even the bad ones they would wish never happened.

I do not know much at all about buying silver, save what I have picked up by reading this thread. I wanted to buy about 12 American Silver Eagle coins and give them as Christmas presents and keep one for myself. I am under the impression that an ASE is legal tender in the USA and that, in a very bad economy situation, these ASE coins could be easily spent for goods and services or easily converted to dollars locally. I am under the idea that all of these ASE coins are of recent mint of high quality aesthetics.

as they advertise on a local, low power FM and Internet, radio station called Rule Of Law radio.

Their site says they charge “spot plus $20” for an ASE. That is currently more than 30 percent markup and seems quite excessive, but of course I do not know for sure. This company is also involved in buying gold and silver – jewelry etc…

I guess there really is no place for small fry like me to buy a few quality one ounce silver legal tender coins.

I am slowly forming a very negative opinion of the all these gold and silver buyers and sellers. I wanted to try to make a small purchase locally and take immediate possession and pay in cash. These companies only really want to sell to people who will spend several thousand dollars with them. I guess I should not say this, but for the little guy, these companies generally look like they operate like flim-flam pawn shops.

I know for larger investors, the advice to shop around and get terms of sale very clear and in writing, including delivery times etc., should almost go without saying, but people who listen to a lot of patriot radio get kind of fear mongered into the mindset of the dire straights of our economy and the bleak long-term outlook for trying to survive. We tend to trust the people on the radio who seem to be taking huge risks by bravely speaking the truth on the radio. Still, as one poster said earlier, all of these “patriots” are totally dependent on their sponsors or radio station owners to have their venue.

Anyway, I said my piece. Guess I will buy cases of food and lots of bottled water as my investment.

Jeannon, I just started selling some to Capital Coin and Bullion. So far, so good but I haven’t bought any yet. Being able to sell for cash with no personal information exchanged is very attractive as a seller. I just rolled over a couple of small 401(k) accounts I forgot I had into a self-directed precious metals IRA and use CCB as my broker, so we’ll see how that goes. The markup was reasonable; I forget exactly since it’s basically irrelevant to me as long as it’s not over 10%ish.

I love 90.1! I guess you can tell by me posting comments here, though, that I’m kind of soured on GCN, some of which is filler on 90.1. We all have to make money, I guess. Babylon system and all.

You might try going to a gun show – I picked up 20 .999 1oz silver rounds “private mint” for I think 16$ per (spot price was I think 13$ at the time) at a Saxet show. I got the coin dealer’s card so I figured I’d pay him a visit if I determined they were fake. I saw several dealers selling various silver and gold products there. I have since sold them – I was eager to get rid of them since they were not US Mint and I wasn’t sure if I’d be able to sell them. Also, they rang a little differently than my Libertys.

Keri knows what’s up. If you don’t mind their recent switch to using Chase bank (I do, so I don’t buy from them any more), use APMEX like she recommends until you build up enough cash to buy larger amounts from smaller, trusted dealers. They have great prices and everything is published on their website. You can get affordable fractional amounts of the big 4 metals. Like with anything else, you’ll get a better deal by buying in bulk. I express concern about APMEX because there’s a computerized paper trail for all transactions and I’m sure you know just how dirty Chase is. Thankfully Obama repealed the part of Obamacare that required a 1099 for all sales over 600$…

Well, best of luck to you and stay positive! Maybe I’ll see you at a TAG event or something, lol.

I bought 14 newish silver eagle dollars for Christmas presents for everyone at Capital Gold and Bullion. I paid 32 for some and 34 for the slightly older ones, but they all looked brand new to me.
I heard where silver has gone up 20 percent in just the month of January 2012.
I am so happy that I got all of my Christmas shopping done so easily and everybody is probably happy I did not buy them some useless stuff they will never use.
Silver is supposed to go way up this year.

I listening to 90.1 “Texas Liberty Radio” . They have a stronger signal now and I can hear them on regular radios inside my house, and not just on my car radio, so that workds out great. That Logos Radio Network called Agenda 21 Talk had a show a couple of nights ago that tells people how to stay put in their house and file various papers and make the forecloser prove that they have title to the property, which the usually cannot do. You can stay in your house for many years and eventually you can get them to drop the matter and you have your house free and clear.

Nothing will improve until we get an entire new money system and put all the top banksters in jail for life.

Jeannon Kralj, I’m not sure what you’re reading on the Capital Coin and Bullion site, but I just checked it out, and they are selling ASE’s for spot plus $3.25, not $20. At $28.70, which spot on silver right now, this is an 11.3% premium, not 30%.

This isn’t a bad price right now, considering the demand for ASE at this very moment. For the quantity you want, APMEX is selling at spot plus $4.19; for larger quantities, APMEX is selling spot plus $2.60.

If you buy local, remember to factor in sales tax if you have sales tax. Look online for deals, calculate the shipping, and see if buying locally is cheaper.

Also, the ASE is NOT LEGAL TENDER in the US. No one is under any obligation to accept ASE as payment, including the government. They are simply rounds made by the US Mint to meet investment demand. They were authorized by Congress in 1986, but they are NOT legal tender–let me stress that, they are NOT legal tender. If you want US legal tender with a silver component, you need to get “junk silver,” or the 90% US silver coins made in 1964 and before (dimes, halves, quarters, and dollars, not nickels). This money is still legal tender, but only to its FACE VALUE: in other words, one dollar worth of these coins (for example, 10 dimes or 4 quarter) is only LEGALLY worth $1.00 if you use it as such at the grocery store or to pay taxes. But in reality, the coins contain $20.52 worth of silver.

I think you need to do some more research before you buy, because you’re a little uncertain about this. I posted this above, but I would suggest you out this page for an unbiased explanation of how to buy silver and gold:

Thanks for your reply and good info, Keri. I could have sworn two days ago that site, Capital Gold and Bullion, said spot plus $20 for ASEs but today it says
“SILVER

1 oz. American Silver Eagles – Spot + $1.85”

I guess I thought the ASEs were legal tender because the name of them sounds like a US coin.

May go ahead to their store and buy a few of those anyway, since I guess trying to get legal tender coins will not work out to be highly liquid anyway if many vendors would only accept them at face value for goods and services.

Still seems like just buying locally and taking immediate possession outweighs getting slight better deal on the web, expecially since I would be buying in such small quantity.

Max Keiser was on AJ show today saying something like “if everyboy would just go out and buy $10 worth of silver, that would knock down JP Morgan” But still in reality, everybody cannot just go out and readily buy $10 worth of silver.

I can’t complain about the prices at Midas, but the customer service is awful. Made a small order for a Christmas present. My check was cashed on Nov. 10. It is now 2011. They have my money and I have nothing.

Bummer showing up for a Christmas visit empty-handed.

On the phone, all I get is excuses about how busy they are. I am in the customer service business and can smell a BS “we’re busy” excuse a mile away.

APMEX claims to ship in 1-3 business days. And they take credit cards, so you can dispute the order if does not get shipped in a reasonable time.

this guy is a liar because it was MY money that went there, not his. He wrote the check, I backedit. Yes, delivery is late. But they are a very large trading co. that has back up. Mark doesn’t like them because Alex Jones tells the truth.

I realize that Midas is robbing people and they should be put out of business for it (vis a vis a total collapse in sales), but let’s be honest here. You guys bought from them, trusting Anderson to be aboveboard. This is a foolish move since it is now obvious that Anderson capitalizes on people’s agreement with show content / guests to make an easy sale at a large profit to himself. There is an old saying in business – “If they weren’t making money, they wouldn’t be doing it”. Do you homework. Get a Red/Blue book before you go out and spend thousands of your hard earned money. You work too hard for it. Research your dealer before you purchase and always START SMALL. Buy a single coin, and if all goes well, then get 2 coins next time and so forth. Diving in with thousands is utterly stupid when you don’t have to.

I recently purchased a gold coin from Midas… it was a double eagle liberty coin. I was naive and did not know much about the gold market. I called in wanted a nice collector coin. I asked about the liberty and was told the MS 61 coin was nice but for a little more I could get the MS 63. I agreed to the MS 63. I never received a confirmation from Midas or an email telling me the item was shipped. I waited and waited… the coin came yesterday. It is a MS 61 liberty. I looked at my notes and saw that I specifically wrote down a MS 63 coin. Went digging into my email (I never delete them) and cannot recover an email from Midas. I called them to complain and got the biggest run around crock of BS ever. Really bad used cars-man type tactics. I then called my bank and and tried to dispute the charge. Somehow they got me to give them my routing number and I cannot dispute this type of transaction. These people know what they are doing and are con artists. They sold me a 1500 coin for 2200 dollars. So 700 dollars is what they ripped me off for. I too believed Alex. Now I dont trust a word that slime bag says. Another greedy POS feeding off of deceiving people. And he professes to be the exact opposite. I would hazard to say that he is just as bad as the people he denounces. He tells you they’re bad arouses your fear then capitalizes on the lies and shady dealings. What a total crock.

We offer a subscription-based economic newsletter that offers as part of the price ($99/year) ongoing consultation on precious metals purchases. I’ve been in these markets for well over a decade and can help you avoid the types of problems people are complaining about in these other posts. Of course it is not just Midas or any particular dealer; you need to understand the fundamentals of what you’re doing, rather than just responding to a radio or internet ad. Check out the information on the newsletter and if you think it is worth it, give it a try. We guarantee satisfaction or the unused portion of your subscription cost is refunded – no questions asked.

Think about it – $99 vs fighting with coin brokers and banks over potentially thousands of dollars? There will be those who call me another opportunist, which is not the case. I only started offering this additional service (at no extra cost by the way) when it became abundantly clear that it was needed.

Mr. Chapman is a regular guest on several GCNlive.com shows as well as RepublicBroadcasting.org shows. He always says he does not make a penny off of any gold or silver sales and that is “technically true” but both networks offer coin sales deals where they get a free one-year subscription (retrail @ $159 ) with the package and I heard Ted Anderson says he pays to Bob Chapman the full subscription charge for that newsletter, so Mr. Chapman makes, albeit indirectly, $159 per each sale of the special coil deal offers.

One has to read up and get smart before big time gold and silver investing. Those guys want you to get all emotionally charged up by listening to Alex Jones and the other “patriot warriors” to “save America.” They want you to make your gold and coin purchases because that is the “save your family”, “save America”, “smart not dummy” only thing to do.

Really appreciate your post. Really hard to read this white on black though just need to say.

Wow, I am so sad to say, I was afraid of this and have been avoiding calling them to see what my coins would be worth after buying them more than 2 years ago. All the guys I talked to definitely sounded like uneducated, smooth talkers but I overrode my intuition and trusted that my partner trusted Alex Jones and Midas. I called another company from which I bought some coins and I made exactly the amount I thought I would. When the price doubled, so did what I would have made had I sold them back. I’m feeling pretty livid right now and better call to see what they say to me.

The Peter Schiff show on GCNlive.com on Monday, May 9, 2011, has some very good tips about buying gold and silver for physical possession. The archives for the show is free so be sure to listen to at least first half hour of Hour 1 of the show.

One thing he said is that there is a company called Goldline that is an advertiser for Glen Beck show is NOT a good place to do business with. He indicated that company may be a place that will rip you off. He had all the specific facts to back up his statements. The sellers of Goldline are really misinforming and misleading their prospective customers.

‘glad I found this site. just another horror story to confirm midas’ duplicity; not sure that disclaimer legally protects them. In 9/9/201 I purchased 4, $10 US gold coins from them, and 4, $5.00 U.S. commemoratives. They made not mention at the time of their “spread” costs. Friday, this week, I decided I wanted to unload the coins. By email and phone several times a rep assured me they’d contact me when any profit kicked in for me. Boy was I gullible. I sent an email. (they are careful not to reply to you privately by email). Asking what the buy back was on my coins. He quoted the prices, I said I’d call back to let him know when I’d be mailing the coins. Left 2 messages (they are never there); Then, after paying 68.00 on postage and insurance, he calls to say he thought “I meant Monday”, and (guess what) — “they just changed their policy on liquidity” (right after I left the frist voice mail message). Well, considering we spoke about the buyback quote, it would have been the perfect time for the sleaze bag to say, Oh, you might want to be aware the liquidity of your coins is not always available!! No? He muttered something about it being slow and the summer. I’m getting a lawyer; they are so slimy about twisting what has been said; better to record the conversations. then he said, I thought you meant Monday, or “not at all.” What difference would that have meant? Warn everyone; they must be getting rich off their exorbitant “spreads”; hard to believe people like that can eat and sleep with no conscience for stealing money.

Buying US gold coins is the worst way to buy gold. You are speculating the collector value of the coins are going to increase. The best way is buying gold bullion coins like the Canadian Maple Leaf, Krugerrand, or American Gold Eagle. Look for the best deals before you buy or sell. Best deals can be made on Ebay because it is a true market price. Whether or not you use them to buy or sell you will have done your homework and spared yourself some grief.

what is your problem your all fu ken nazis soon you all will be arrested, cause you have pressous metalsI listen to Alex every day… you ass clowns are lil bitches I bet half you fold and iron your socks get grip or get back to your own country silver an gold will soon will be the money we need our Nazi government will show us a fake space ship and you complainers wil give up you collection good lil mininons wake up

Midas resources is a total ripoff and they are complete liars. I was sent a MS61 coin and paid for a MS 63. I took it to a coin dealer and he said it was an AU due to the condition and discoloration. I bought the coin for 2200 and sold it 4 months later after gold went up 400 dollars… sold it for 1800. I paid 700 more than the coin was worth. I tried calling them several times and they totally lied and were deceitful about what took place. If you want to find a good value on silver and gold coins buy from a local coin dealer with a good reputation and good prices. Find the coins hands on and never buy sight unseen.

It’s nice to see my own experience confirmed. I started out buying precious metals back in 2007 during the Ron Paul campaign and lucked into a reputable dealer (coloradogold.com) based on a trusted reference. Don charges a reasonable markup but he has high minimum purchase requirements. He will also buy back whatever he sold. Fortunately I had it drilled into me early on to skip numismatics altogether (with the exception of junk silver which could be quite useful in an economic or societal collapse) and go straight to bullion and pure coins without numismatic markup. Anyway, I got into listening to Alex Jones’ radio show a short time after and decided to give Midas Resources a call to see how they compared. I had the same exact experience as several others commenting here: fast talking sales guy with confusing numbers. I just needed that one phone call to know to stick with what worked.

I’m very upset and disappointed to see that so many have been ripped off and that this wasn’t just a bad apple sales guy with my own experience but that it seems endemic to the whole organization of GCN and Midas Resources. I grudgingly agree with “sam” that people should ALWAYS do their due diligence with precious metals as well as any form of investing (and anything in this world, really! Question everything! Optimistic skepticism is the best policy). I do not agree that our economy is in a deflationary spiral, however, and suspect sam is some kind of bankster disinfo guy. The reason why some prices (mostly retail) are going down is because nobody is buying anything because so many are broke and/or buried in debt and unemployment is very high. Duh. To say that commodities are not doing well is an oversimplification. Anything to do with food is going through the roof due to a number of factors. Kyle Bass buys a million nickels because… commodities are falling? Really? Are you out of your mind, sam?

Let’s see how good sam the deflationista is. In Feb 2010 when sam made his comment here, the Dow Jones AIG Commodity Index was at about 25. It peaked at about 40 in May 2011 and came back down to about 27. The Dow Jones UBS Commodity Index was in between 38 and 40 and similarly shot up to a peak of almost 53 before settling back down to its current 43. In both cases even if you bought and hold, you’d still be doing OK.

On Feb 19, 2010, gold closed at 1117.10$US . It is now at a temporary dip of 1724.80$US after hitting an all-time high of over 1900$US at the end of the summer of 2011.

On Feb 19, 2010, silver closed at 16.29$US . It is now at a temporary dip of 32.41$US after hitting a record high of 44$US in mid-August 2011.

Let’s see… how about a popular commodity like soybeans? In Feb 2010, in between 900 and 1000. Shot up in the same pattern to about 1450 before resting back to 1168 currently.

Bottom line: buy gold, silver and other precious metals IN BULLION FORM ONLY OR PURE MINT COINS AND HOLD THEM YOURSELF. Don’t buy from Midas Resources. Also, do the opposite of whatever “sam” says.

Midas Resources is giving me the runaround. They brought my bouillion for less then the spot price for silver which was at 33.70 an oz. They told me they are giving me the wholesale price which is around $29. Is this right?

Ultimately I have only myself to blame but I too gave credence to Alex Jones’ referrals for Midas. In early 2009 I purchased many Franklin half dollars when silver was at$13 an ounce. Silver has more than doubled in price since that time whereas my Franklin half dollars have only increased at 20% over my 2009 purchase price.

Boy do I feel dumb. No more working with such companies like Midas Resources. From now on I will thoroughly research the type of silver I purchase and it’ll be a cloak’n dagger purchase from a shady character down at the riverfront who will give me exactly what I pay for.

If Alex is a Christian, then he should retract his endorsement of this company and apologize for potentially aiding the enemy.

I found out through a recent personal experience that Midas Resources keeps more than a 40 % commission fee that they do not tell you when you buy. Beware, this is money you will loose in your gains/profits. They will lead you to believe that they charge more because they do not charge when you are ready to sell back to them however, this is not true either. They actually buy back at a lower price than others in this business. You are better off buying at a trusted local place that only charges about a 5 % commission fee or less. Try calling them to find out their pricing and they will refuse to give out any info unless they create an account for you. These are all red flags to stay away. Very disappointing to find all this out.

I purchased my first round of junk silver coin from Midas 4 years ago. I didn’t know what I was doing but I trusted infowars’ Alex Jones’ referral and Midas’ ads.

I recently created a spreadsheet to help ensure my recent purchases are good deals and I’m now able to track my purchase history as well.

My Midas purchase remains the single biggest purchase to date and I’m so pissed at the paltry gains on my Midas purchase. Had I purchased from a moral and ethical company right now I’d have more than double the value of the coins purchased from Midas.

The only good news is I purchased these coins for a potential financial collapse of the US economy. In that case, it matters less what I actually paid when compared to their potential worth at that time.

I am hoping someone sees this post even though the last comment was in 2012. Does anyone know who to get a hold of to dispute or get our money back from Midas Resources? I just read an article my mother sent me and it sounds like possibly the attorney general of the company’s state? Any feedback so welcome…thank you!